A new warning on the debt ceiling, filibuster reform considerations, Biden expresses confidence in the Federal Reserve chairman, alternative building materials, and layoffs at a Connecticut drone manufacturer are among the top business news items this morning.
National
The White House Council of Economic Advisers is joining calls for action on the debt limit, warning that failure to address the issue could result in a global financial crisis. Officials have the debt ceiling needs to be raised by mid-October in order for the federal government to avoid a default.
Democratic lawmakers are considering options to change the Senate’s filibuster rule, which requires 60 votes for a measure to pass. The rule has been blamed for frequent impasses in the closely divided Congress.
President Joe Biden has expressed his confidence “thus far” in Federal Reserve Chairman Jerome Powell, whose term expires in four months. Biden will need to decide whether to reappoint Powell, who has recently faced criticism due to Fed officials’ investment activities.
Business trends
As construction companies face higher demand and ongoing supply shortages, many are looking for alternative building materials to help minimize delays. The replacements are often easier to acquire, but also come at a higher price.
Connecticut
The Hartford-based drone manufacturer Aquiline Drones has laid off 33 employees, nearly half its workforce, due to supply chain disruptions and global travel restrictions. The company says it hopes to rehire the affected employees once the challenges are resolved.
